高管薪酬激励、创业导向与创业型企业成长性

Executive Incentive Compensation,Entrepreneurial Orientation and Growth of Entrepreneurial Firms

引入创业导向作为中介变量,揭示了高管薪酬激励对创业型企业成长性的影响路径与作用机制。基于2012-2015年创业板上市公司的非平衡面板数据,研究结果表明:(1)高管薪酬激励对创业型企业成长具有显著正向影响;(2)高管薪酬激励对创业导向具有显著正向影响;(3)创业导向对创业型企业成长性具有显著正向影响;(4)创业导向在高管薪酬激励与创业型企业成长关系中存在明显的中介效应,其中对货币薪酬与创业型企业成长性关系起完全中介作用,对股权薪酬与创业型企业成长性关系中起部分中介作用。

This paper introduces the entrepreneurial orientation as an intermediary variable,and reveals the influence path and mechanism of executive compensation incentive on the growth of entrepreneurial enterprises.Based on the unbalanced panel data of GEM companies listed in 2012-2015,it is found that:executive compensation incentive has a significant positive impact on the growth of entrepreneurial firms;executive incentive incentive has significant positive effect on entrepreneurial orientation;entrepreneurial orientation has a significant positive impact on the growth of entrepreneurial firms;entrepreneurial orientation has a significant mediating effect on the relationship between executive pay incentives and the growth of entrepreneurial firms.Specifically,entrepreneurial orientation has a full mediation role of equity compensation for monetary compensation and entrepreneurial firms growth relationship and part of the intermediary role for equity compensation and entrepreneurial firms growth relationship.